065: Insure a future income

065: Insure a future income

This week I am getting thru the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven cures for the lean purse”.

Review chapter #6 in the book

Today’s discussion:

The Six Cure: Insure a future income

Arkad’s lesson is to: “Provide in advance for the needs of thy growing age and the protection of thy family.”

This cure has a dual meaning.

  1. First we need to begin thinking that at some point in life (preferably old age) we will not be able to work, and must have investments to replace income that we generated while working. Why do you think there is so much emphasis in our society today about saving for retirement?
  2. Second, Arkad wished back in his day that financial products such as insurance existed in his day (it didn’t) to provide protection against lost of income at death, which is Life insurance; replacement of income due to illness (Disability insurance); and funding sources of income for medical expenses and old age care, what we refer to today as Health Insurance and Long Term Care insurance.

Do you realize how lucky we are to live now?! We have access to everything, yet so many of don’t take advantage of opportunities!

My goal is to help you better with your money and help you make smart financial decisions!

 
Anna Sergunina
anna@adviceonly.net

I passionately believe that in order to live a life of fulfillment and joy, we must genuinely serve each other in any way possible. I found my mission in life to serve others via financial planning. Anna regularly writes about personal finance. Her work appears on Business Insider, Nasdaq, Nerdwallet, among others. Anna is the creator of Money Flow system.

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